S. Korean Finance Minister: Blockchain Can 'Revolutionize The World'
05 Februar 2018 - 12:34PM
ADVFN Crypto NewsWire
While on trip to China for economic talks, South Korea’s Finance
Minister Kim Dong-yeon spoke positively about the potential for
Blockchain, saying that“Blockchain technology can disrupt and
revolutionize the world,” according to the South
Korean-based Yonhap News Agency.
During a meeting with Zhou
Xiaochuan, governor of the People’s Bank of China, Yeon also spoke
of a need for more cooperation with China on Blockchain
technology.
According to another Korean
news site Chosun, Yeon reiterated that the South Korean Finance
Ministry has no plans to ban or restrict
cryptocurrencies within the country, adding:
“Blockchain technology is an important technological
breakthrough to fuel the fourth industrial revolution and as such,
the ministry will take a cautious approach in regulating the
cryptocurrency market. For negative use cases of cryptocurrencies,
the ministry will impose strict regulations.”
While some have made the
case that cryptocurrencies aren’t necessary for
still reaping the benefits of Blockchain technology, Yeon sees the
two as inextricably linked:
“For open-source blockchain networks, cryptocurrencies
are necessary as incentives for individuals to participate in the
network.”
Yeon’s positive comments
about Blockchain and cryptocurrencies come after a period of
harsher restrictions on crypto investing and exchanges in South
Korea, with the country’s ban on anonymous trading of
cryptocurrencies and a false scare of an overall crypto
ban making the markets dip.
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